In the rapidly evolving world of NFTs, having access to reliable data and insights can greatly enhance your trading strategy. TradePort, a leading platform for NFT analytics, offers a range of tools and features to empower traders. In this blog post, we will explore four essential tips to optimize your NFT trading using TradePort.
Understanding Rank: The lower the rank, the rarer that NFT is within the collection. Typically, rarer NFTs have a higher value. One of TradePort’s valuable features is the ability to filter graphs based on NFT ranks. By narrowing down the data to a specific rank range, you can analyze the correlation between price, sales, listings, and rank. This information will assist you in pricing your NFT competitively when listing it for sale.
Understand Attributes and Utilize Filter Options: Most NFTs possess associated attributes, and not all attributes hold equal value. Within TradePort’s Trader View, you can leverage the filter drop-down menu to select the specific attributes present in the NFT you plan to list. By filtering charts based on these attributes, you can gain insights into the prices of similar NFTs. For instance, if your NFT features a monkey with laser eyes, you can analyze the prices of other laser-eyed monkey NFTs that have been sold, allowing you to price your NFT appropriately.
Analyze Collection Activity: Trader View on TradePort provides a wealth of valuable statistics related to collection activity. By monitoring metrics such as the number of buyers, sellers, listing trends, volume, and more, you can gain a deeper understanding of the market. This background information will enable you to make informed decisions about when and at what price to sell your NFT.
Utilize Floor Wall Charts: TradePort’s floor wall chart displays the number of NFTs listed at each price point. This information is crucial for determining pricing strategies. If you are seeking quick liquidity, a thick floor wall (indicating a significant number of NFTs listed at a specific price) might prompt you to price your NFT slightly below that floor price to facilitate a quick sale. Conversely, if the floor wall is thin (only a few NFTs are listed at the floor price) in a popular collection with high trading volume, you might consider pricing your NFT above the floor price to maximize profit potential.
Conclusion: By leveraging the powerful tools and features offered by TradePort, you can significantly enhance your NFT trading strategy. Filtering graphs based on rank ranges, understanding the importance of attributes, analyzing collection activity, and utilizing floor wall charts are key steps toward making informed decisions and optimizing your NFT trading. Stay ahead of the game with TradePort, and don’t forget to tag your trading companion who would benefit from these tips!